Demand growth in 2012 has been cut back from 730,000 barrels a day to 670,000 barrels a day. If that holds, total demand in 2012 will be about 89.6 million barrels a day.
The cut to demand was attributed to lower U.S. demand following Hurricane Sandy and “persistent weakness in Europe.” Prices have also declined since the U.S. general election, the agency said, on worries about the U.S. fiscal cliff.
OPEC supplied 31.15 million barrels of crude a day in October, a nine-month low. Non-OPEC supply totaled 53.4 million barrels a day up by 840,000 barrels a day in September. The IEA expects non-OPEC supply to rise by 460,000 barrels a day in 2012 over 2011, and by 860,000 barrels a day in 2013. The stronger supply forecast and weaker demand has cut the amount of oil the IEA estimates will be needed from OPEC members. That total was lowered by 500,000 barrels a day for the fourth quarter of 2012, to 30 million barrels a day.
IEA’s estimate of crude inventory increases in the 30 developed nations of the OECD comes to 15.2 million barrels, to a total OECD inventory level of 2.746 billion barrels.
WTI crude is trading around $85 a barrel and Brent crude is trading at about $107.50. Both are lower, with WTI down about 0.6% and Brent down about 1.4%.
Paul Ausick
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
